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Yes. I understand that any agreement involved Fifer stepping aside.
That is precisely the idea. But again, there are lots of steps that need to take place. I do think this is the first time in a long time we see things going in the right direction. Albeit at a moment that seemed almost too late.
I almost had a seizure last night when I saw this. On the one hand I hear this is not accurate, on the other hand I was also told that they received a similar note 8 years ago from the previous Minister. It is a document intended to rattle them and have them fix things or else. I don't think this in any way derails the new efforts which seem to be for real this time, and getting Mr. F. to step aside and leave this in better hands. This is not to day that there are still MANY MANY hurdles, but I do think it is a string nudge in the right direction.
This also entails Fifer getting out of the picture
One additional element is that the new group also intends to challenge the legality or lack thereof with regards the sale made to First Quantum. Fifer did that illegally and it can be proven.
It is with regards to getting up to date with workers labor debts, government royalties, and making the necessary investments to get back to production.
There is more than one group interested in making things right. One of them is with Fifer included, "but out". The other one without. All key employees are convinced and coordinated to have Fifer ousted. They won't allow for any solution which includes him. This is good. The letter sent to the Ministry is not from Fifer, or even from Peta, but from the group which is willing and able to straighten the ship and bring us back.
Looks like my stink bid as well as others got filled today. Expensive hail mary. This morning i heard on the radio that tommorow their is a civil movement going to the national assembly to ask for a permanent ban for NEW open pit mining projects. I can't believe this is what is moving the price. POG is also down.... Anyway, the only possibility here is in fact for Fifer and his complacent cronies to be thrown in jail and some serious operators come in the picture sweeping it up for pennies on the dollar. Hopefully with current shareholders having the possibilities to at least reduce the humongous losses we have withstood.
I believe that once his fraudulent activities in regards to Lomero Poyatos, and his illegal management contract comes to light, and he starts seeing the possibility of jail time, he will step aside. He will most likely end up in jail. The more he fights the worst it will get for him. Either we save this company or he goes to jail. Preferrably both.
I see the desperation in the posts. Any solution for PTQ requires Mr. Fifer to step aside. There is a group of investors spending time and money to figure out the best way of doing this. Believe it or not, there is still value in this company, strategic and organic, to try and right things and move along in a serious manner. This is not an easy task, it shouldn't be discussed in any detail on message boards, but be prepared to support via proxies, etc...once one or more of the initiatives is launched. We already have a significant level of support via shareholdings, but we need to show the most strength, coordination, and support to make the initiatives swift and succesful. German Investor could be a good alternative to communicate privately and get some insight into what is going on if you would like to support. He has communication with the groups coordinating the efforts. At these levels there in in my opinion very little (remaining) to be lost, and I consider lots to be gained (recouped). Fifer, and those who allowed the extraordinary mismanagement (euphemism), must be held accountable and brought to justice.
German Investor. You agree?
This is the start to the end of Fifer. Already talks taking place with the new Minister of Commerce to show them how Fifer the crook has bled this company dry and threatens the serious development of mining in Panama which stands to be the biggest producer for our GDP. It won't be necessary for a proxy war to take place. He can't be CEO while in prison. This is where he will go very soon.
Mjk: tell Richard to prepare a resignation letter asap and leave the country before its too late. Your days are counted.
Viva Peta!
To tell you the truth, if we lost all our money, but see these crooks go to jail is at least something. If it doesn't happen we will loose all our money anyway, but no one will pay thr price!
I had a good lunch today with one of the parties we are working with to see if we can sort something out. He said something very true. FQ still runs a huge risk if they dont just take out PTQ or at least have a friendly and prosperous working relationship. If PTQ goes ahead with the "heap leach dream" there would be huuuge risk for FQM with regards to any possible contamination as a result of the process. It could have devastating conseguences for FQM and there 7B project. If something like that were to happen it would be game over for all the mining operations at the MP facilities. I can assure you of that.
So we need to focus on having a plan B which restructures the entire BOD and top executives. We also need to wait and see who the new Minister of Commerce is, as we would need their buy in with whatever we decide to do. We are gathering names of potential BOD members, which should include someone with strong financial banckground and good relationships in the banking sector in Panama. We will also continue conversations with several families with significant share holdings in PTQ. They have vast networks of contacts and their family offices are willing to help and guide us in any process.
GI is already in contact with me and we will continue collaborating. If any others want to join efforts please write me at my personal email gefw73@hotmail.com
Unfortunately I think many of us just lost faith in RF and the Board. And like a client told me,"esto se nos salio de las manos!". I also dont want to hear anything about any of the "projects" outside of Panama. I tend to think that when they started venturing into LP, etc...that is when the train went off the tracks and the debt and expenses started piling up.
It is not a personal holding. I advise several wealthy families in Panama and they hold significant positions in Peta through the bank I work for. Including my colleagues i would say we are north of that figure. I was told by a common aquaintance that other large shareholders wanted to get in contact with me to get our vote on such an initiative. But i don't have the answer on how to proceed.
gefw73@hotmail.com
Hi to all. I was told yesterday that some locals with heavy interest in the company are promoting a motion to oust Fifer. I am in but we need to do this asap before this guy goes on another spending spree which as you all know only benefits one person, himself. I have never seen such reckless management which so much destructive power and disregard for shareholders. I have control on about 20 million shares so lets get together and take this guy out before our investment dwindles to zero!
Listening to the FQ update today made my day. Financing is complete to take out Inmet revolver and bond. Project cost dont have 1B savings but 200M more than Inmet. 20 % more production, and 2 year starting delay. All this is positive for Peta. And then the Scotia analyst asks about where the 100k ounce yearly production in their projections come from. The FQ guys totally froze! No anwers. LOL. Where the hell would they get that from other than PTQ? Amyhoe, something has to happen very soon, and it seems quite positive. Cheers to you all.
Geico knows what he is talking about. Lets keep it at that.
My take is that he is simply not trustworthy and he does not know how to manage a company responsably, with budgets, accountability, etc... He always has a hidden agenda and does not negotiate in good faith. He is a wolf in sheeps clothing. Fortunately there are a couple of checks and balances in place which give us some light. But whatever happens Fifer should be shown the door afterwards. This is my last investment where Fifer has any sort of clout.
Congrats on the ignore! Your life will be more pleasant and you won't have to bear with PMC hammering away at his balls everyday. One sour MF he is.... I really dont know who the party is and if I did I still couldn't and wouldn't share it on a board where you have so many people wishing bad things. Id be accused of insider..... But my sources are as reliable as they get. I feel bad that nothing materialized before year end but then I am also aware that things didnt go as planned. Anyhow, sit tight! Events are right around the corner.
Got your PMC on ignore yet?
I will begin to end all my posts with that from now on. Jajajajaja
Hi Pilk. I dont know specifics but there are definetely concrete negotiations taking place, not necessarily with FQM. FQM is definetely playing with fire though and I dont discard that they realize this and try to intercede with a last minute offer, but Peta is not holding their breath and are acting proactively. I dont have confidence in Fifer and his management, but I do not underestimate the strategic importance of Peta and I am holding on expecting something good soon.
Guys. Remember when you were young and their were bully's at school who are now the least succesful people in the world with absolutley nothing to do but continue being a-hole which nobody like. That is precisely who RBF is. The more you respond to him the more he likes putting his idiotic comments. Why don't you just ignore him and quit replying. Then he will get board and have to look for other message boards to tell his imaginary tales. It also enfuriares them by the way.
Huelva, 2 ene (EFE).- La Consejería de Economía, Innovación, Ciencia y Empleo ha revocado la transmisión de derechos mineros otorgados en noviembre de 2012 a Corporación de Recursos Iberia, filial de Petaquilla Minerals (PTQ) correspondientes a 391 hectáreas del yacimiento de Lomero-Poyatos (Huelva).
El delegado territorial del ramo, Eduardo Muñoz, ha explicado, a través de un comunicado, que se ha adoptado esta decisión debido "al incumplimiento reiterado de los requisitos exigidos a la empresa con la concesión otorgada".
Además, ha asegurado que la Consejería ya trabaja para convocar un nuevo concurso que ponga la explotación de estos derechos nuevamente a disposición de las empresas interesadas.
Muñoz ha detallado que, entre otros aspectos, no se han cumplido las condiciones que se exigían correspondientes a la Autorización Ambiental Unificada, no se ha presentado un proyecto completo de reinicio de labores ni un plan de restauración asociado al mismo y no se ha aportado información adicional solicitada por el Instituto Geológico-Minero de España.
En el más de un año transcurrido, sólo se han realizado 10 de los 170 sondeos propuestos, sin que además se hayan construido los depósitos de decantación y control previstos, no se han depositado los avales de restauración requeridos y los 10.000 euros que la empresa planteó aportar como aval social son claramente insuficientes.
También, se ha estimado que, en los últimos meses, no se han realizado trabajos de investigación, construcción u obra civil, ya que los técnicos de la Consejería realizaron una visita en septiembre durante la que observaron que no había actividad de este tipo ni equipamiento para su ejecución, trabajando sólo un pequeño grupo de operarios en el entorno de las oficinas y un vigilante de seguridad.
Los trabajos de construcción de la rampa de acceso al yacimiento que comenzaron en mayo se han limitado a un principio de movimiento de tierras para formar un carril, tareas cuya ejecución se estima en un máximo de diez días de trabajo efectivo, por lo que en el resto del tiempo no ha habido avance.
Petaquilla had their concession permits in LP revoked. I actually think that's a great thing! No more pipe dreams for Fifer and no more capital drain from that project. The only one that made money there was good old Mr. Fifer.
No. My order is @ 0.28 CAD
I am told that something happened this evening. We should be getting news tommorow. I really hope we are not let down Again! Wish you all the best. We will see tommorow. It is not FQ though. They were stuck at a 60s level bid which was not acceptable to the negotiatiors at PTQ. The rumored deal is more beneficial, no dilution, and puts us in a position of strength with FQ. And if it happens, I have to say that it seems to be all Fifer. I really hope he proves me wrong and delivers something good for shareholder value.
Has nothing to do with the volume. Do whatever you like. It makes absolutely no difference to me.
Its coming!
In deed things have changed. There continues to be lots of backstage things going on. On several fronts. Seems like a circus to me at times, but dont grt me wrong, i dont doubt PTQ's intrinsic value. I don't like management, but its sort of a necessary evil due to our indeosincracies in Panama.... Short term is still very much open and subject to imminent deal of some sort. That at least would get us out at cost and fixed incime like return. Not the idea when we invested. Such is life. I'll take that outcome anyday, and it will happen. Cheers.
Remember one thing. They are the only true on-site supplier/provider.
If that is what you think, then that is what will happen. As a general rule you have to be positive in your life. Think positive. Simple law of attraction..... Off course that is not an investment guide, its a life guide. Everything else falls into place. Dont be so hard on yourself and on your surroundings... This is a friendly observation. All the best!
Its a shame. FQM is a huge player. I don't see at like you do. Their bonds at trading reflecting the downgrade but not in any way showing a distress situation. PTQ on the other hand is very samm and "manageable" but also of strategic importance to MP project. They need to get PTQ "out of the way". Otherwise its too risky for them. Gotta go do 5k....
Tks for the cheap shares at .33 CAD today. Good things come to those who wait.
It makes sense that Cristobal Colon join the board, after all, when Panama is sold, all that will be left is the Lomero-Poyatos pipe dream.
Yeah. And while your at it take investor20501 with you. And make sure your boat sinks. Hasta la vista!!!!!
Doubt it. They would have scrapped the aggregate contract if this were true, just like they have torn up all the other third party agreements. From the look of things FQ is looking pretty bad these days. Downgrade, covenant breaching, worker problems......
I was reading up on FQM to see what is going on. This article from Bloomberg actually seems positive to me for a deal to take place. They delay the update on the Panama project. Hmmmmm. Why would they do that?
First Quantum delays update on costly project in Panama
2013-12-11 09:07:16.488 GMT
By Peter Koven
Dec. 11 (Financial Post) -- First Quantum Minerals Ltd.
surprised investors on Tuesday by announcing that a long-
awaited update on its Cobre Panama project will be delayed
until the first quarter of 2014. First Quantum got hold of the
project when it acquired Inmet Mining Corp. earlier this year,
and the company vowed to build it for far less than the US$6.2-
billion that Inmet was talking
about. But the delay has raised concerns that Vancouver-
based First Quantum could be running into challenges on site,
pictured. "The delay in Cobre Panama results suggests a more
complex project than originally anticipated by First Quantum
and is a slight negative," RBC analyst Fraser Phillips wrote in
a note.
Well said Digi.